Bank of New York Mellon Corp Makes New Investment in Canadian Imperial Bank of Commerce $CM

Key Points

• Bank of New York Mellon acquired 937,692 shares of Canadian Imperial Bank of Commerce in the second quarter, valued at approximately $107.8 million. Institutional investors collectively own 49.88% of the bank.
• Analysts maintain a generally positive outlook, with five Buy and five Hold ratings, producing a consensus “Moderate Buy” rating and an average price target of $167.
• CIBC reported quarterly EPS of $1.86, exceeding estimates of $1.78, while revenue rose 14% year over year to $5.89 billion. The bank also pays a quarterly dividend of $1.07 per share, representing a 3.7% annualized yield.

Bank of New York Mellon Corp purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 937,692 shares of the bank's stock, valued at approximately $107,835,000. Bank of New York Mellon Corp owned approximately 0.10% of Canadian Imperial Bank of Commerce as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth about $958,383,000. Mackenzie Financial Corp boosted its stake in shares of Canadian Imperial Bank of Commerce by 69.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank's stock valued at $986,173,000 after purchasing an additional 4,419,968 shares in the last quarter. FIL Ltd boosted its stake in shares of Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank's stock valued at $1,156,438,000 after purchasing an additional 2,643,495 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Canadian Imperial Bank of Commerce by 24.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank's stock worth $808,281,000 after purchasing an additional 1,720,220 shares during the last quarter. Finally, Morgan Stanley grew its holdings in shares of Canadian Imperial Bank of Commerce by 39.5% during the fourth quarter. Morgan Stanley now owns 4,988,745 shares of the bank's stock worth $452,030,000 after purchasing an additional 1,412,363 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CM. TD Securities reiterated a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a "buy (b)" rating to a "buy (b+)" rating in a report on Friday, July 31st. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Finally, Zacks Research cut shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $114.93 on Tuesday. The stock's 50 day moving average is $117.15 and its 200 day moving average is $108.50. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $104.91 billion, a P/E ratio of 15.79, a P/E/G ratio of 1.22 and a beta of 1.01. Canadian Imperial Bank of Commerce has a one year low of $72.57 and a one year high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts' consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The business had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. During the same quarter in the prior year, the firm posted $2.05 EPS. The company's revenue for the quarter was up 14.0% compared to the same quarter last year. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were given a dividend of $1.07 per share. The ex-dividend date was Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce's dividend payout ratio is 42.58%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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